Public Disclosure Copy The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Inclusive Housing Finance Program (P150993) MIDDLE EAST AND NORTH AFRICA | Egypt, Arab Republic of | Finance & Markets Global Practice | IBRD/IDA | Program-for-Results | FY 2015 | Seq No: 2 | ARCHIVED on 06-Jun-2016 | ISR23812 | Implementing Agencies: Program Development Objectives Program Development Objective (from Program-for-Results Appraisal Document) The objective of the Program is to improve the affordability of formal housing for low-income households in the Arab Republic of Egypt and to strengthen the Social Housing Fund's capacity to design policies and coordinate programs in the social housing sector. The Social Housing Program’s responsibilities include preparing a national housing policy, strategies and plans, developing new programs, comprehensive targeting criteria and implementation guidelines. Its mandate will include the coordination of all residential initiatives by entities other than Ministry of Housing, Utilities, Urban Development (MOHUUD), the establishment of a monitoring and evaluation system, and the collection of land and housing market data. In this sense, it would be expected to consolidate the functions of several housing agencies/units and programs within MOHUUD. Based on its access to information and analytical work, the SHP/Fund will advise on the formulation of legislation and decrees, and decide upon the allocation of financial resources from the Fund to other entities tasked with housing production, land development, and the delivery of housing programs. Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  Moderately Satisfactory  Moderately Satisfactory Overall Implementation Progress (IP)  Moderately Satisfactory  Moderately Satisfactory Overall Risk Rating  --  Substantial Implementation Status and Key Decisions Several World Bank mission visited Egypt during the past 6 months to follow up on the effectiveness of the program. Several steps have been made since the project was approved on May 5, 2015: - the Social Housing Fund (SHF), the implementing entity of the program, has been established; - the SHF has a State budget allocation for FY16 of LE 2 billion (the rest of its capital coming from transferred housing units built by the governorates); - SHF has scaled up its budget to reach around LE 61 billion (US$ 7 billion). The increase in budget came as a reaction to the Presidential mandate to speed up construction to deliver 500 thousand units in the coming year; - the organization chart of SHF has been approved in late August 2015 (a prerequisite for the hiring of key positions); - The SHF has appointed the Independent Verification Agent (IVA), as per the Program's legal agreement; - A dedicated and well experienced Executive Director has been appointed by Prime Ministerial decree to head SHF; - The SHF has started the hiring of staff. Around 30 employees have been appointed in SHF from January to May 2016; - The Guarantee and Subsidy Fund (GSF) - demand side of the GoE program- is currently working with 11 banks out of 12 banks involved in the low income mortgage initiative, where The Central bank of Egypt has availed LE 20 billion to affordable mortgage at subsidized interest rates at 5% and 7% depending on income levels. Recently, GSF, the ministry and banks have worked on simplifying the procedures of obtaining the mortgage subsidy, but the fact that the SHF is first transferred all the built new properties is adding delays; - The merging of the two funds (GSF and SHF) is contemplated during the next fiscal year; Next steps: - The team will continue to regularly contact the stakeholder and track progress on i) SHF staffing and capacity/ institutional building, ii) GSF/SHF merger project, iii) operational activity (number of applications, amounts granted, etc…). 6/6/2016 Public Disclosure Copy Page 1 of 9 Public Disclosure Copy The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P150993 IBRD-84980 Effective USD 500.00 500.00 0.00 126.25 373.75 25% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P150993 IBRD-84980 Effective 05-May-2015 10-Jun-2015 11-Nov-2015 30-Jun-2020 -- Disbursement Linked Indicators (DLI) PHDLIPDOTBL  Establishment and operation of an internal audit function within SHF providing assurance service for the ownership and rental programs affiliated with the SHF (Yes/No) Baseline Actual (Previous) Actual (Current) Value N N N Date -- -- 09-Aug-2015 Comments Allocated financing is $25 million, represents 5% of total financing PHDLIPDOTBL  Establishing a housing M&E system functioning and informing the Multi-Year Plan and Annual Targets (Yes/No) Baseline Actual (Previous) Actual (Current) 6/6/2016 Public Disclosure Copy Page 2 of 9 Public Disclosure Copy The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Value N N N Date -- -- 09-Aug-2015 Comments Allocated financing is $25 million, represents 5% of total financing Results Results Area Intermediate Results Area Strengthening Governance and Institutional Set-up of Housing Sector Enhancing Transparency and Accountability of Social Housing Programs Improving Access to Affordable Housing Promoting Well Located Social Housing Promoting Private Sector Participation in Low-Income Housing Project Development Objective Indicators PHINDPDOTBL  Number of targeted households accessing ownership and rental housing units with support from the Program (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 830000.00 Date -- 09-Aug-2015 09-Aug-2015 30-Jun-2020 PHINDPDOTBL  female-headed households as a percentage of benefeciaries (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value -- 0.00 0.00 24.00 PHINDPDOTBL  Percentage of Program beneficiaries in bottom 20% of the income distribution (Percentage, Custom) 6/6/2016 Baseline Actual Public Disclosure (Previous) Copy Actual (Current) Page 3 of 9 End Target Public Disclosure Copy The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Value 0.00 0.00 0.00 50.00 Date -- 09-Aug-2015 09-Aug-2015 30-Jun-2020 PHINDPDOTBL  Percentage of income spent on housing costs by Program beneficiaries (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 Date -- 09-Aug-2015 09-Aug-2015 30-Jun-2020 PHINDPDOTBL  Establishment of a housing M&E system functioning and informing the Multi-Year Plan and Annual Targets (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N N N Y Date -- 09-Aug-2015 09-Aug-2015 30-Jun-2016 Overall Comments Intermediate Results Indicators PHINDIRITBL  Completed executive by-laws, organizational structure, financing model, fiduciary arrangements, operating systems for the SHF (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N N N Y Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2016 PHINDIRITBL  SHF fully staffed as per organizational plan (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N N N -- 6/6/2016 Public Disclosure Copy Page 4 of 9 Public Disclosure Copy The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2017 PHINDIRITBL  Internal audit function providing assurance services for the ownership and rental programs affiliated with the SHF established and operating (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N N N Y Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2016 PHINDIRITBL  Adequate staffing of social officers as per organizational plan (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N N N Y Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2017 PHINDIRITBL  Number of capacity building and training workshops conducted for the hired social workers at the Central and Governorate level. (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 27.00 Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2020 PHINDIRITBL  Mechanism to monitor occupancy of housing post-subsidy established and functioning as per DLI definition (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N N N Y Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2017 PHINDIRITBL  Percentage of rental housing units occupied by targeted beneficiaries at least 1 year after lease (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2018 6/6/2016 Public Disclosure Copy Page 5 of 9 Public Disclosure Copy The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) PHINDIRITBL  Percentage of housing units occupied by low-income residents after at least 1 year (AMP) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 85.00 Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2020 PHINDIRITBL  Establish a unified social programs and beneficiary databases (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N N N Y Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2017 PHINDIRITBL  Establish an accountability and transparency mechanism established and functioning as per DLI definition (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N N N Y Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2016 PHINDIRITBL  Average time required to resolve complaints in AMP (days) (Days, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 60.00 60.00 60.00 20.00 Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2020 PHINDIRITBL  Percentage of resolved complaints received by SHF and Governorate housing offices (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 90.00 Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2020 PHINDIRITBL  Annual published reports on complaints and how issues were resolved, including resolution rates (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target 6/6/2016 Public Disclosure Copy Page 6 of 9 Public Disclosure Copy The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Value N N N Y Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2017 PHINDIRITBL  Number of households receiving demand side housing subsidies (AMP) for new units (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 725000.00 Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2020 PHINDIRITBL  Number of households participating in rental subsidy programs (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 105000.00 Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2020 PHINDIRITBL  Number of previously vacant units occupied 1 year after inclusion into the Program (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30000.00 Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2020 PHINDIRITBL  Percent of demand-side subsidies supporting the purchase or rental of housing units within a 60 minute travel time to an employment center (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 50.00 Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2020 PHINDIRITBL  Percent of demand-side subsidies supporting the purchase or rental of housing units within a 45 minute travel time to an employment center (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 50.00 6/6/2016 Public Disclosure Copy Page 7 of 9 Public Disclosure Copy The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2015 PHINDIRITBL  Percent of demand-side subsidies supporting the purchase or rental of housing units within a 30 minute travel time to an employment center (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2020 PHINDIRITBL  Percentage of land made available for SHF developments that complies with location and service criteria stated in Law (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 100.00 Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2020 PHINDIRITBL  Number of demand-side subsidies supporting the purchase or rental of housing units developed by the private sector (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 250000.00 Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2020 PHINDIRITBL  Percent of demand-side subsidies supporting the purchase or rental of housing units developed by the private sector (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 43.00 Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2020 PHINDIRITBL  PPP guidelines publically disseminated (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N N N Y Date 10-Aug-2015 10-Aug-2015 10-Aug-2015 31-Dec-2016 6/6/2016 Public Disclosure Copy Page 8 of 9 Public Disclosure Copy The World Bank Implementation Status & Results Report Inclusive Housing Finance Program (P150993) Overall Comments 6/6/2016 Public Disclosure Copy Page 9 of 9